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Date Posted: 09:13:24 06/24/01 Sun
Author: Margaret
Author Host/IP: 62.188.213.26
Subject: Negative Equitaty
In reply to: Jessica 's message, "Sorry Diane! LOLOL! Silly girl!" on 07:00:11 06/23/01 Sat

Some time ago in this country we had house prices going through the
roof, but then we had a depression and many people were caught with
negative equitity. When they tried to sell their houses they found that the
price they could get was considerably less than they had borrowed.

Many people were stuck in housing that they couldn't sell or pay for and
went bankrupt.

If thre is a depression in your area, the house may not sell and will still be
there when you are in a better position to buy. Or another house may
come up that is cheaper but just as good.

Do not take on any house unless you can afford the payments on one
salary, We did this in the 70s and although the interest rate went up to
15% we were still just about able to afford the house. Our mortgage is
now paid off and the house is ours.

Take time to consider and the best of luck.

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